FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Mardi Gras Ltd.

(Last) (First) (Middle)
C/O SVP SPECIAL SITUATIONS LLC
100 WEST PUTNAM AVENUE

(Street)
GREENWICH CT 06830

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
DUNE ENERGY INC [ DUNR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
05/08/2013
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.001 per share 05/08/2013   M   1,325,356 A (2) 13,096,869 (1) (2) (3) D  
Common Stock, par value $0.001 per share 05/08/2013   M   229,995 A (2) 2,377,780 (1) (2) (4) D  
Common Stock, par value $0.001 per share 05/08/2013   M   78,251 A (2) 808,993 (1) (2) (5) D  
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Short put option (obligation to buy) (2) 05/08/2013   A   1,325,356   05/08/2013 12/31/2013 Common Stock, par value $0.001 per share 1,325,356 (2) 1,325,356 (1) (2) (6) D  
Short put option (obligation to buy) (2) 05/08/2013   A   229,995   05/08/2013 12/31/2013 Common Stock, par value $0.001 per share 229,995 (2) 229,995 (1) (2) (7) D  
Short put option (obligation to buy) (2) 05/08/2013   A   78,251   05/08/2013 12/31/2013 Common Stock, par value $0.001 per share 78,251 (2) 78,251 (1) (2) (8) D  
Short put option (obligation to buy) (2) 05/08/2013   M     1,325,356 05/08/2013 12/31/2013 Common Stock, par value $0.001 per share 1,325,356 (2) 0 (1) (2) D  
Short put option (obligation to buy) (2) 05/08/2013   M     229,995 05/08/2013 12/31/2013 Common Stock, par value $0.001 per share 229,995 (2) 0 (1) (2) D  
Short put option (obligation to buy) (2) 05/08/2013   M     78,251 05/08/2013 12/31/2013 Common Stock, par value $0.001 per share 78,251 (2) 0 (1) (2) D  
Explanation of Responses:
1. The reported securities are owned directly by High Ridge Ltd. ("High Ridge"), Mardi Gras, Ltd. ("Mardi Gras"), and Strategic Value Special Situations Fund LP ("SVPSS" and collectively with High Ridge and Mardi Gras, the "Reporting Persons"), and indirectly by Strategic Value Partners, LLC ("Strategic Value Partners"), as investment manager, and Victor Khosla, as the sole member of Midwood Holdings, LLC, the managing member of Strategic Value Partners. Pursuant to Rule 16a-1, the Reporting Persons disclaim beneficial ownership for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise of any of the shares of Common Stock, par value $0.001 per share (the "Common Stock"), and the short put option (obligation to buy) for shares of Common Stock, (the "Short Puts"), of Dune Energy, Inc. (the "Issuer") except to the extent of their pecuniary interest.
2. Pursuant to the Common Stock Purchase Agreement among the Issuer, High Ridge, Mardi Gras and SVPSS and other investors, dated as of December 20, 2012, High Ridge, Mardi Gras and SVPSS had an obligation to buy 1,325,356, 229,995 and 78,251 shares of Common Stock, respectively, from the Issuer in the form of the exercise of the Short Puts received upon the satisfaction of certain conditions of the Issuer in exchange for an aggregate consideration of $2,613,763.20. The conditions were satisfied, and the Issuer exercised the Short Puts on May 8, 2013. The Short Puts were pre-approved by the board of directors of the Issuer at the time the Reporting Persons were directors by deputization.
3. Victor Khosla beneficially owns a portion of general partner entities that have an indirect profits interest in the 13,096,869 shares of Common Stock owned by High Ridge. Strategic Value Partners, although it directs the voting and disposition of the shares of Common Stock, only receives an asset-based fee relating to the shares of Common Stock. Mr. Khosla also has direct and indirect investments in the investment vehicles that invest in High Ridge.
4. Victor Khosla beneficially owns a portion of general partner entities that have an indirect profits interest in the 2,377,780 shares of Common Stock owned by Mardi Gras. Strategic Value Partners, although it directs the voting and disposition of the shares of Common Stock through its subsidiary SVP Special Situations LLC ("Special Situations"), only indirectly receives an asset-based fee relating to the shares of Common Stock. Mr. Khosla also has a direct and indirect investment in the investment vehicle that invests in Mardi Gras.
5. Victor Khosla beneficially owns a portion of general partner entities that have an indirect profits interest in the 808,993 shares of Common Stock owned directly by an investment vehicle, Strategic Value Special Situations Fund, L.P. Strategic Value Partners, although it directs the voting and disposition of the shares of Common Stock through Special Situations, only indirectly receives an asset-based fee relating to the shares of Common Stock. Mr. Khosla also has a direct and indirect investment in the investment vehicle.
6. Victor Khosla beneficially owns a portion of general partner entities that have an indirect profits interest in the 1,325,356 Short Puts owned by High Ridge. Strategic Value Partners, although it directs the voting and disposition of the Short Puts, only receives an asset-based fee relating to the Short Puts. Mr. Khosla also has direct and indirect investments in the investment vehicles that invest in High Ridge.
7. Victor Khosla beneficially owns a portion of general partner entities that have an indirect profits interest in the 229,995 Short Puts owned by Mardi Gras. Strategic Value Partners, although it directs the voting and disposition of the Short Puts through Special Situations, only indirectly receives an asset-based fee relating to the Short Puts. Mr. Khosla also has a direct and indirect investment in the investment vehicle that invests in Mardi Gras.
8. Victor Khosla beneficially owns a portion of general partner entities that have an indirect profits interest in the 78,251 Short Puts owned directly by an investment vehicle, Strategic Value Special Situations Fund, L.P. Strategic Value Partners, although it directs the voting and disposition of the Short Puts through Special Situations, only indirectly receives an asset-based fee relating to the Short Puts. Mr. Khosla also has a direct and indirect investment in the investment vehicle.
/s/ Lewis Schwartz, as Chief Financial Officer of SVP Special Situations LLC, the investment adviser to Mardi Gras Ltd. 05/10/2013
** Signature of Reporting Person Date
/s/ Lewis Schwartz, as Chief Financial Officer of Strategic Value Partners LLC, the investment adviser to High Ridge Ltd. 05/10/2013
** Signature of Reporting Person Date
/s/ Lewis Schwartz, as Chief Financial Officer of SVP Special Situations LLC, the investment adviser to Strategic Value Special Situations Fund, L.P. 05/10/2013
** Signature of Reporting Person Date
/s/ Victor S. Khosla 05/10/2013
** Signature of Reporting Person Date
/s/ Lewis Schwartz, as Chief Financial Officer of SVP Special Situations LLC 05/10/2013
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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